Are you sick of dealing with the IRS? If so, don’t worry – you’re not alone. Millions of Americans deal with tax problems every year, and most of them have no idea how to fix them. In this post, I’m going to give you a few tips on how to get your taxes in order and finally put an end to the stress that comes with them.
What Is Tax Resolution?
Tax resolution is the process of working with the IRS to find a solution to your tax issues. This may mean negotiating a payment plan, reducing penalties, settling your tax debt, or handling an audit.
If you’re facing a major tax issue, it’s important to hire a tax expert who can help resolve your problem as quickly and easily as possible.
A good tax resolution expert will take the time to understand your unique situation and explain the different options for resolving your tax issue.
They will gather your information and help it be presented to the IRS in a way that makes sense and provides you with the best possible outcome. Let’s take a look at some of the most common tax problems.
Filing back tax returns
If you’re resolving your tax issues, chances are that you’ll need to file back tax returns or file amended tax returns. Filing back tax returns may be an important step to resolving your tax issues. If you are missing returns, the IRS will be less likely to work with you because you are not considered to be “compliant”, and will want you to get caught up before they will make any significant improvements to your situation. However, if you are trying to get those back tax returns filed, they may give you time to do so.
Filing amended tax returns is a normal part of resolving tax issues, so don’t worry about it. The IRS expects you to file if something has changed from the previous tax year; it’s not something to get stressed out about. Keep in mind that if you owe additional taxes, penalties, and interest will be applied from the date you should have filed (not from the date you actually file).
On the amendment form, make sure to provide a detailed explanation of why you are making such changes.
If you owe back taxes or are facing an audit, there are ways to make the process easier. You should know that you don’t have to face the IRS on your own. You can bring a representative with you to the audit. This means you can bring a tax expert who can make sure you’re answering the right questions the right way, and getting the right results.
Whether you hire help or not, it is important to understand what the IRS is actually asking for, and provide as much documentation as you can to give them your answer. So, if you are being audited for tip compliance, for example, have a detailed ledger showing what you brought home in tips each day for that time period. Even if you don’t have ALL of what they need, something is better than nothing. Depending on the examiner, it may be enough to avoid paying extra taxes and fees.
Working with the IRS
If you’re facing a major tax issue, you may want to consider contacting the IRS. This is often the best way to get your tax issue resolved and off your back as soon as possible. There are a few different ways you can contact the IRS.
Call the IRS: If you owe back taxes, the most common way to contact the IRS is by phone.
Go to an IRS office: If you’d rather visit the IRS in person, you can find a list of locations here.
Respond to your notice: IRS notices will have a mailing option to respond with documentation, a letter, or both.
Whichever method you choose, make sure you’re prepared with all the necessary information before contacting the IRS so that you can resolve your issue as quickly and efficiently as possible.
Compromising With the IRS:
What is an Offer In Compromise?
An Offer In Compromise (OIC) is when you offer to settle your tax debt for a smaller amount. This requires a thorough look into your current finances, adding up all assets (credit cards, cars, home equity, bank accounts, retirement accounts, etc.) and looking at your monthly expenses to determine your offer.
If you’ve been working with the IRS to resolve your tax issue and you’re unable to come to an agreement, an offer and compromise may be the best option for you.
This can be a good way to get the tax issue off your back without having to pay the full amount. It’s important to note that an IRS audit does not have to be resolved this way, but this can be useful if an audit doesn’t go in your favor.
Personalized help from expert Tax Professionals
If you’re feeling overwhelmed by your tax issues, don’t worry – help is available. You can get personalized assistance from expert tax professionals like DH Financial. Our team has years of experience dealing with the IRS and helping people resolve their back tax problems. We can help you file your back taxes, negotiate a payment plan, handle an audit, complete an OIC, and more. Plus, we offer free consultations so you can learn more about our services and see if we’re the right fit for you. Contact us today to book your consultation!
Are you looking to get your finances in order? If so, you’re in luck! We’ve gone over four financial concepts that are based on sound financial advice and can help you get your budget under control. But don’t stop there!– consult with one of our experts today for a FREE consultation with DH Financial to discuss your unique situation and find the best way to achieve your financial goals.
Thanks for reading, and we hope these tips have helped you get started on the path to financial success!
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